Page 75 - Plastics News January 2023

REPORT

With a circular, low-waste economy becoming increasingly important, lawmakers and industry leaders are focusing their
attention on reenergizing the recycling industry to create new jobs and economic opportunity. Recycling, reuse and
remanufacture are not only more sustainable options for waste management, but they are also effective tools for job
creation. Demand for recycled plastic content is increasing, which means that capacity for the recovery and processing
of post-consumer plastic must also increase. More recycling facilities mean more jobs that support a circular economy
where no material is wasted.
To peek into the global plastic industry the compounded annual growth rate between 2010–2019 was 3.5% and is ex-
pected to grow at a CAGR (Compound Annual Growth Rate) of 3.4% between 2021–2028. Estimates pitch the market
size of the plastics industry in 2025 to grow at a CAGR of 8–10% until 2025. The Indian Chemicals and Petrochemicals
industry, of which plastics is a part, is expected to harbour investments worth Rs.8,00,000crore by 2025.
The estimated market size of India's plastic industry stands at Rs 7.1 lakh crore ($96 billion) as of 2021-22 and it employs
more than 5 million people, according to the Plastic Industry Status Report 2021, by PlastIndia Foundation. In 2021-22,
India's plastic demand was 20.89 million tonnes which is projected to exceed 22 million tonnes by 2023, the report said,
adding that the plastic industry claims to recycle more than 60% of plastic waste generated after a product is consumed
and its packaging India's plastic recycling market stood at 6.06 Million Tonnes in FY2021 and is forecast to reach 12.43
Million Tonnes by FY2030, growing at a healthy CAGR of 6.98% until FY2030 discarded. The Government of India in-
tends to take the plastic industry from a current level of Rs. 3 lakh crores (US$ 37.8 billion) of economic activity to Rs.
10 lakh crores (US$ 126 billion) in 4-5 years.

illustrates the fairly high correlation between GDP and polymer consumption from 1990 till 2022

January 2023 PLASTICS NEWS 75